As of Sept, 2015, we use the new broker Genus and custodian Scotia Trust.

Notify: Fiona Wu ([email protected]) Elizabeth Malihan ([email protected]), Sue-May Talbot ([email protected]) and Roger Mok ([email protected])

1. Tides Canada provides ‘Gift of Securities’ or ‘Gift of Mutual Funds’ form to donor (Shares to a TCI project would be coded to A189 TCI fund first in TCF and granted out to the project)
2. Donor completes and signs off on ‘Gift of Securities’ or ‘Gift of Mutual Funds’ form
3. Donor sends completed form to their own broker for processing and to Chris Chan to notify of the incoming donation
4. Chris Chan emails form to Genus in order to inform the custodian, Scotia, of the incoming donation. The account is a dual currency account at ScotiaTrust and therefore securities can be received in both CAD and USD. The shares are received in the currency delivered in, and are liquidated in the same currency. $US shares are wired (wire fee involved). For US shares, may need to provide DTC # 4816 and institutional ID 53440 in order for the donor’s broker transferring the shares
5. Scotia receives the share transfer from the broker and provides details to Genus of receipt immediately
6. Genus emails Chris Chan of the shares received date (gift date) and closing price of the shares based on the received date (tax receipt amount)
7. When Scotia receives a donation form from a donor which Tides Canada isn’t aware of or the donor hasn’t sent the form to Genus, Genus will inform the client, Tides Canada (Chris Chan). Genus will wait for the form from Tides Canada, as a way of authorization, before selling the shares.
8. Genus processes (sell or re-register) trades for liquidation and Scotia sends funds via EFT to Tides Canada Foundation account after processing fees
9. Fees Structure:
   1. Transaction fees applied to securities and mutual funds charged by Scotia
      • Canadian Settlements: $50 + GST per transaction
      • US Settlements: $75 + GST per transaction
      • Euroclear Settlements: $75 + GST per transaction
      • Scotia will not charge a commission to mutual fund, however depending on the fund being sold, the mutual fund company may charge a back-end load or a deferred sales charge. This is beyond Scotia’s control and the donor should check with either their broker or the fund company so they can be aware of any additional charges
   2. For North American equities, Genus’ brokers commission fee is typically $0.04 per share.
10. Genus sends trade advice to Chris Chan indicating sold amount (gross of Scotia fees) and trade date when position is liquidated
    • If sold amount and net amount are different it should be only due to fees
11. Shares donation to TCI projects
    • TCI doesn’t have a brokerage account.
    • Use the regular form and receive it in the TCF side
    • Code to the A189 TCI fund in TCF so tax receipt is issued by TCF.
12. Receipt Amount:
    • The amount is based on the market value of the Shares/Units donated as of the close of trading on the date they are received into the Custodial Account.
    • For USD shares, use Bank of Canada exchange rate to convert the USD closing price to CAD for tax receipt amount.
13. Overhead:
    • Based on the closing price amount, which is also the payment amount/tax receipt amount in Salesforce.
    • For TCF as of Sep 2017, regular overhead applies based on the payment amount (also the tax receiptable amount). No overhead is taken for legacy funds and A189 TCI fund.
    • For TCI, shares donations are first coded to A189 TCI Fund in TCF with no overhead. Chris Chan sends a task to Allison Andrachuck for making a grant recommendation to grant the net amount received in bank account as disbursed by Scotiatrust. When the TCI project receives the payment from TCF, regular overhead will be taken based on the grant amount.
14. Emily records gain/loss and fee entries in Netsuite.
15. Depending how easy the securities or mutual funds are to sell; it can several weeks for the sale to be completed and for the funds to arrive at Tides Canada.
16. Scotia sends Tides Canada monthly statement.

• Payment Amount - This will be the tax receipt amount, which is the amount received in our custodian account based on the closing price at the end of trading day on the received date as advised by Genus.
• Payment Date – Shares received date in our custodian account as advised by Genus
• Fill out all asset fields
• Tax Receipt Description: X units of Name of Shares, this field will show up on the tax receipt
• Overhead amount